Myovant Sciences Appoints Industry Veteran David Marek as Chief Executive Officer

Rhea-AI Summary

Myovant Sciences (NYSE: MYOV) has appointed David Marek as CEO, succeeding Lynn Seely. Marek brings over 30 years of biopharmaceutical experience, including roles at Amgen and Axsome Therapeutics. His expertise in commercial strategy positions Myovant for growth, particularly after receiving FDA approval for ORGOVYX™ and with a pending application for a relugolix combination tablet. The transition aims to strengthen Myovant's commercial performance as it evolves into a commercial-stage enterprise.

Positive

• David Marek's extensive experience in commercial strategy could enhance Myovant's market position.
• Recent FDA approval of ORGOVYX™ for advanced prostate cancer may drive revenue growth.
• Pending review of relugolix combination tablet could lead to further market opportunities.

Negative

• Transitioning leadership may raise concerns about continuity during a critical growth phase.

BASEL, Switzerland, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Myovant Sciences (NYSE: MYOV), a healthcare company focused on redefining care for women and for men, today announced the appointment of David Marek as chief executive officer of Myovant Sciences, Inc. Mr. Marek will also serve as principal executive officer of Myovant Sciences Ltd. and as a member of its board of directors. Mr. Marek succeeds Lynn Seely, M.D.

Mr. Marek is a veteran biopharmaceutical executive with over 30 years of experience in the industry. He brings to Myovant the commercial expertise of a seasoned pharmaceutical executive, the strategic prowess from leading one of the world’s most successful healthcare advertising agencies, as well as the consumer and digital marketing know-how from one of the most popular health information portals, WebMD. Mr. Marek joins Myovant from Axsome Therapeutics where he was chief commercial officer responsible for building out commercial capabilities in preparation for multiple expected launches.

Prior to Axsome, Mr. Marek served as general manager of Amgen’s Neuroscience Business Unit where, amongst other responsibilities, he oversaw the successful launch of AIMOVIG^®, the first-of-its-kind migraine preventive therapy that became and remains the top drug in its class. In that role, Mr. Marek also co-led the AIMOVIG commercialization partnership in the U.S. with Novartis. He joined Amgen as vice president of marketing for Amgen’s $9 billion Inflammation and Nephrology Business Unit that represented approximately 40% of Amgen’s total company revenue at that time. In this role, he was charged with transforming and modernizing the commercial capabilities as he oversaw the following therapeutic areas: rheumatology, dermatology, nephrology, and eventually, neuroscience.

Prior to Amgen, Mr. Marek was executive vice president, consumer services at WebMD where he led an organization of over 300 employees across marketing, sales, medical, editorial, programming, analytics, government relations, and other key areas. Prior to WebMD, Mr. Marek served as managing director at Saatchi and Saatchi Healthcare Advertising where his organization led the development and implementation of advertising strategies for some of the industry’s most important multi-billion-dollar brands, including NEXIUM^®, ENBREL^®, CRESTOR^®, ELOXATIN^®, SEROQUEL^®, and AMBIEN^® across global markets from launch to loss-of-exclusivity.

“I am pleased to bring my years of experience to Myovant at this pivotal time as the company transitions to being a commercial-stage enterprise. Myovant has already earned a well-deserved reputation for developing therapies with the potential to redefine care for women and for men. I look forward to working with the experienced and talented Myovant team to further strengthen the company’s competitive position while driving growth and profitability,” said Mr. Marek, chief executive officer of Myovant Sciences, Inc. “I am also committed to assuring Myovant’s drug development engine continues to grow the company as we pursue purpose-driven science, empowering medicines, and transformative advocacy.”

“Myovant is entering a critical phase of its growth where launch strategy, execution, and commercial performance are essential to the overall success of the company,” said Dr. Seely, former chief executive officer of Myovant Sciences, Inc. “We just received an important approval from the FDA for ORGOVYX™ for adult patients with advanced prostate cancer and we have another important New Drug Application for relugolix combination tablet under review with the FDA for the treatment of women with uterine fibroids. Seven days ago, we announced a transformational collaboration to develop and commercialize our relugolix franchise with our new partner, Pfizer. With the accomplishment of these important milestones, the board and I have decided to transition the leadership of Myovant to an executive with significant commercial expertise. I will be working closely with Dave and the rest of the Myovant board and executive team to ensure a seamless transition.”

“The Myovant board and I welcome Dave to this important role at Myovant. We are confident that he will provide the leadership to continue to expand Myovant’s clinical development strengths while guiding the company in its commercial endeavors,” said Myrtle Potter, chairman of the board of Myovant Sciences. “The board and I sincerely thank Dr. Seely for her leadership in building Myovant. Dr. Seely is a true physician-scientist and business leader who understands and is deeply committed to the bench to bedside care of patients. Under her leadership, in less than five years, Myovant built a high-performing clinical development engine that has conducted five successful global Phase 3 trials, resulting in multiple NDA and other regulatory filings, with ORGOVYX earning priority review designation and approval from the FDA. Dr. Seely also led the effort that resulted in Myovant’s important strategic partnership with Pfizer. The Myovant employee team is excellent, passionate, and excited about the company’s potential to make a difference for patients and healthcare providers. Dr. Seely leaves a stellar foundation of success that will be built upon by Dave Marek.”

About Myovant Sciences 
Myovant Sciences aspires to redefine care for women and for men through purpose-driven science, empowering medicines, and transformative advocacy. Our lead product candidate, relugolix, is a once-daily, oral GnRH receptor antagonist. Relugolix (120 mg) is FDA-approved as ORGOVYX™ for adult patients with advanced prostate cancer. Relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) is under regulatory review in Europe and the U.S. for women with uterine fibroids and is under development for women with endometriosis. We are also developing MVT-602, an oligopeptide kisspeptin-1 receptor agonist, which has completed a Phase 2a study for female infertility as part of assisted reproduction. Sumitovant Biopharma, Ltd., a wholly owned subsidiary of Sumitomo Dainippon Pharma Co., Ltd., is our majority shareholder. For more information, please visit our website at www.myovant.com. Follow @Myovant on Twitter and LinkedIn.

About Sumitovant Biopharma Ltd.
Sumitovant is a global biopharmaceutical company with offices in New York City and London. Sumitovant is the majority shareholder of Myovant and Urovant, and wholly owns Enzyvant, Spirovant and Altavant. Sumitovant's promising pipeline is comprised of early-through late-stage investigational medicines across a range of disease areas targeting high unmet needs. Sumitovant is a wholly owned subsidiary of Sumitomo Dainippon Pharma. For further information about Sumitovant, please visit https://www.sumitovant.com.

About Sumitomo Dainippon Pharma Co., Ltd. 
Sumitomo Dainippon Pharma is among the top-ten listed pharmaceutical companies in Japan, operating globally in major pharmaceutical markets, including the U.S., Japan, China, and the European Union. Sumitomo Dainippon Pharma is based on the merger in 2005 between Dainippon Pharmaceutical Co., Ltd., and Sumitomo Pharmaceuticals Co., Ltd. Today, Sumitomo Dainippon Pharma has more than 6,000 employees worldwide. Additional information about Sumitomo Dainippon Pharma is available through its corporate website at https://www.ds-pharma.com.

Investor Contact:
Ryan Crowe
Vice President, Investor Relations
Myovant Sciences, Inc.
+1 (650) 781-9106
investors@myovant.com

Media Contact:
Albert Liao 
Director, Corporate Communications
Myovant Sciences, Inc.
+1 (650) 410-3055
media@myovant.com

FAQ

What is the significance of David Marek's appointment as CEO of Myovant Sciences?

David Marek's appointment is significant due to his extensive biopharmaceutical experience, which is expected to drive Myovant's commercial success.

How does the recent FDA approval of ORGOVYX™ impact Myovant (MYOV)?

The FDA approval is likely to enhance Myovant's revenue streams and strengthen its market presence.

What challenges might Myovant face after the leadership change?

The company may face continuity challenges during its transition to a commercial-stage enterprise.

What are the expected outcomes of the pending New Drug Application for relugolix?

If approved, the relugolix combination tablet could provide significant new revenue opportunities for Myovant.